Robbins LLP is Investigating Allegations that Alto Neuroscience, Inc. (ANRO) Misled Investors Regarding the Viability of its Drug Candidate

Robbins LLP informs stockholders that a class action was filed on behalf of investors who purchased or otherwise acquired (a) Alto Neuroscience, Inc. (NYSE: ANRO) common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering ("IPO") conducted on or about February 2, 2024, and/or (b) Alto securities between February 2, 2024 and October 22, 2024. Alto operates as a clinical-stage biopharmaceutical company in the U.S.  The Company’s product pipeline includes, inter alia, ALTO-100, which at the time of the IPO was in a Phase 2b clinical trial for the treatment of patients with major depressive disorder (“MDD”).

The Allegations:

According to the complaint, the Offering Documents in support of the IPO were negligently prepared. Additionally, during the class period, defendants failed to disclose that: (i) ALTO-100 was less effective in treating MDD than defendants had led investors to believe; (ii) accordingly, ALTO-100’s clinical, regulatory, and commercial prospects were overstated; and (iii) as a result, Alto’s business and/or financial prospects were overstated.

On October 22, 2024, Alto issued a press release announcing topline results from the Phase 2b trial evaluating ALTO-100 as a treatment for MDD.  That press release stated, in relevant part, that “ALTO-100 in patients with [MDD] did not meet its primary endpoint, assessed by a change from baseline in Montgomery-Åsberg Depression Rating Scale (MADRS), compared to placebo.” On this news, Alto’s stock price fell $10.17 per share, or 69.99%, to close at $4.36 per share on October 23, 2024.

What Now: You may be eligible to participate in the class action against Alto Neuroscience, Inc. Shareholders who want to serve as lead plaintiff for the class have until September 19, 2025 to seek lead plaintiff status from the court. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.